October 4, 2011

Principal Life Insurance Company frequently reviews its underwriting practices. The following changes are effective immediately:

Summary

Occupation-based changes

• These occupations are now classified at a higher occupation class.
• The following occupations will now receive the 10% Select Occupation Discount² Optometrist, Biochemist, Biologist, Botanist, Chemist, Geologist, Physicist, Astronomer, Economist, Meteorologist, Sociologist and Zoologist.

To have these enhancements applied to pending or for recently issued policies (those issued after August 1, 2011), email your case coordinator or underwriting contact by Wednesday, November 30, 2011. Note: Your request may have a compensation impact.

To make it easier when classifying physician occupations, Principal Life has expanded their occupation listing. Please note, due to the invasive procedures routinely performed by certain specialty physician occupations, we have reclassified them to better reflect their actual day-to-day duties.

In some cases, the clarification of occupation class and duties could impact pending sales, possibly resulting in a lower occupation class. Until Wednesday, November 30, 2011, Principal Life will issue policies at the most favorable occupation class available – if the illustration submitted with the application is dated prior to this announcement.

The Business Owner Enhancer provides an opportunity for business owner clients to increase their occupation class by up to two levels. Now business owners with 20% or more ownership are considered for the program; if their responsibilities include sales, administration and/or management –with no more than 20% of their duties being physical or manual.

Additional underwriting enhancements

In addition to the H1B, L1 and J1 Visas, the following Visas are now considered¹:

• O1 Visa; available for individuals who have extraordinary abilities in sciences, education or business.
• TN Visa; available for Canadians or Mexicans who work in the U.S.  

Individuals with net worth up to $10 million are now being considered for individual disability insurance. For a net worth between $6 and $10 million, individual consideration for benefit availability is based on the individual’s “asset mix, nature and type.”

Questions: Contact Set for Life Insurance today! 888-553-3559

For more information about Principal, visit the Principal webiste today!

¹ Some individual restrictions by state may apply.
² To receive the 10% Select Occupation Discount, the occupations listed (with the exception of Optometrist) must hold a PhD and perform office and/or lab duties.

 In addition to the above listed changes, Set for Life offers discounts on individual disability insurance through Principal and other companies.